Trade Idea of The Day - SBI Life Insurance Company Ltd Target Rs. 55 - Religare Broking Ltd
SBI Life Insurance Company Ltd
BUY 30 JUN 1800 CALL SELL 30 JUN 1900 CALL Entry Range 25 – 27 Target 55 Stop Loss 14
Rationale
1. SBILIFE has shown a strong rebound from the recent lows near 1720 zone, forming a bullish recovery pattern with higher high higher lows structure. Recently it has reclaimed its 20-DEMA, indicating improving short-term momentum.
2. The RSI has hover above the 50 mark, reflecting strengthening buying interest and signalling a shift from bearish to neutral-positive territory. This suggests the possibility of further upside if momentum sustains.
3. On the daily timeframe MACD has witnessed a bullish crossover with histogram trades in positive trajectory, indicating a gradual build-up in positive momentum. This supports the ongoing recovery trend in the stock.
4. Immediate resistance is placed around Rs1880-1900 zone, which has aligned with the 100-DEMA. A decisive breakout above this hurdle could trigger strong bullish momentum and pave the way for an extended rally towards higher levels in the coming sessions.
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